Breaking News

Google Quarterly Earnings Per Share of $6.27 Miss Estimates; Shares Slump
Tweet TWEET

CVS Caremark Said Set to Brief Senate Antitrust Subcommittee on Merger

CVS Caremark has been called to provide a confidential briefing to a Senate antitrust subcommittee relating to its 2007 acquisition of Caremark Inc., according to two people familiar with the situation.

CVS Caremark will appear before staff members of the Senate Committee on the Judiciary Subcommittee for Antitrust, Competition Policy and Consumer Rights on Oct. 1, one of the people said. Both people requested anonymity because they weren’t permitted to speak on the record.

The purpose of the meeting is to investigate complaints from consumers concerning business practices since the CVS- Caremark merger, according to the people. More than 24 states are also investigating the company, and the U.S. Federal Trade Commission began a probe into CVS Caremark last year.

Carolyn Castel, spokeswoman for Woonsocket, Rhode Island- based CVS Caremark, didn’t immediately respond to e-mails and phone calls seeking comment.

Separately, the company today received a request from U.S. lawmakers for information on how much seniors have to pay for prescription drugs after some consumers complained they were being charged too much.

CVS fell 1 cent to $31.44 at 12:56 p.m. in New York Stock Exchange composite trading. The shares declined 2.4 percent this year before today.

To contact the reporter on this story: Carol Wolf in Washington at cwolf@bloomberg.net.

To contact the editors responsible for this story: Robin Ajello at rajello@bloomberg.net.

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.